If you are an aspiring Australian Property Investor you may experience a Catch 22 situation at the start of your journey.
For the new Australian Property Investor, the cycle usually goes like this: You learn about an investment strategy or opportunity. You give it some thought, but It seems like too much hard work. So, then you start looking at another strategy that seems easier, but it’s not as easy or risk free as you had hoped, so that doesn’t work out either.
Eventually, you stop trying, and conclude in your mind, “I just don’t know enough!” So, you seek out MORE information, more tactics, and you don’t commit to an investment. And on it goes becoming a repeating pattern of behaviour.
Guess what. You probably ALREADY know enough. You have plenty of information.
To make property investment really work, you need a deep understanding of the process. But that understanding won’t come from gathering information. You need experience.
To develop that experience, you need to have really become an Australian property investor by taking the plunge and investing in Property.
It serves no one sitting on the sidelines, gathering information endlessly. Ultimately, If you don’t get the result you want straight away, you could either stop forever, or continue to seek out more information.
This is the classic Australian Property Investor Catch 22, because to become a successful investor, you need the experience, but you won’t get experience unless you become an investor.
So how do you break this cycle most sensibly?
Firstly, it’s important to recognise that the Australian Property Investor Catch 22 is common.
Perpetual information and ideas gathering is another form of procrastination, where it can be easy to find a problem for every solution.
In a recent article Gwen Moran (co-author of The Complete Idiots Guide to Business Plans) identified some procrastinator traits that disrupt our ambitions.
Here we’ve applied a few to the Australian Property investor:
Looking for the perfect investment property gives this procrastinator a good excuse to back away from deciding, because the perfect, risk-free investment property doesn’t exist
Afraid of being exposed by others as unqualified, inferior or greedy, this procrastinator will put off making a decision to avoid being judged by family, friends or peers
The Dread Filled:
Some Australian property investors loathe the thought of picking up a phone to negotiate with real estate agents, talk to property managers etc. This often results in a preference to spend more time doing easier things, like doing ‘research’ on social media.
So, how do we break this cycle and get real results?
Well, firstly make sure that you’re doing what matters..
The average Australian Property Investor shouldn’t have to be an expert in all facets of investing. Delegate expertise whenever you can. This means putting together your professional team.
Break down the tasks
It’s easier to deal with small activities one at a time, instead of looking at the perceived ‘mountain’ that you’re attempting to climb. The main thing is to take action and get started.
Commit and get clear on why you’re investing
If the reason why you’re investing isn’t big or clear enough, it probably won’t happen. Why? Because it’s not important enough to you. It’s better to think of how your future looks when your investment income allows you to cut down on work hours, travel or spend more time with loved ones. Writing down or regularly expressing your goals will help.
Add some urgency
Set a deadline for your final results, and be aware of the excuses when they come up. Common stories we tell ourselves are; it’s not a good time to enter the market, I’ll leave it until I’m less busy, I need to do some more research etc.
You don’t need more information. You need the right professional on your team who has the experience. They will work with what you already know, fill the gaps where you don’t, and be instrumental in facilitating making it work for you.